ELI LILLY & Co — Director's Dealing 2006

May 3, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-02

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-02	31-Common Stock	S	7600	$51.99	Disposed	145979304	Direct
2006-05-02	32-Common Stock	S	5600	$51.98	Disposed	145973704	Direct
2006-05-02	33-Common Stock	S	7800	$51.97	Disposed	145965904	Direct
2006-05-02	34-Common Stock	S	12900	$51.96	Disposed	145953004	Direct
2006-05-02	35-Common Stock	S	10900	$51.95	Disposed	145942104	Direct
2006-05-02	36-Common Stock	S	2900	$51.94	Disposed	145939204	Direct
2006-05-02	37-Common Stock	S	12600	$51.93	Disposed	145926604	Direct
2006-05-02	38-Common Stock	S	3200	$51.92	Disposed	145923404	Direct
2006-05-02	39-Common Stock	S	1900	$51.91	Disposed	145921504	Direct
2006-05-02	40-Common Stock	S	700	$51.90	Disposed	145920804	Direct